The ATO has been trying to crackdown on the use of trusts for many years and has recently released the following draft ruling, guideline and taxpayer alert relating to trust distributions that have associated reimbursement agreements: Draft Taxation Ruling (TR 2022/D1) – this deals with the ATO’s views on when section 100A will apply; Draft Practical Compliance Guideline […]
A recent Federal Court tax case is a sobering reminder you and your spouse cannot take asset protection for granted. In the Commissioner of Taxation v Bosanac [2021] FCAFC 158, the court made a judgment against the taxpayer for unpaid taxes. It established that a $4.5 million property acquired in the name of one spouse (despite being […]
The concept of “negative gearing” essentially means that your property makes a tax loss from renting. As a result, the ATO may effectively pay for some of the rental costs due to an increase in your tax refund (or reduction in your tax liability). Why would anyone want to be negatively geared? There are two main reasons: […]
What is the downsizer contribution? Since 1 July 2018 it is possible for eligible persons aged 65 or older to make a special “downsizer contribution” into their superannuation fund of up to $300,000! If you are selling a home that you have owned for 10 years or more, then you should consider contributing some of […]
How long do you believe it takes to form a habit? A month, six weeks, six months or a year? Well the answer is often simply: the next time you do the same thing. That could be the next day or even later the same day. We are after all, creatures of habit. And so […]
Divorce, as we know, is unfortunately all too common. It’s a stressful time with emotions running high, which in turn can lead to significant legal and accounting fees being incurred haggling over the division of assets. I have become recently involved in a divorce matter, whereby it has been dragging on now for over four […]
When you ask someone you are meeting for the first time what he/she does for a living and he tells you that he is an accountant, what images go through your mind? Ok don’t answer that! We know that a lot of the time you are probably thinking tax, accounting, compliance – that sort of […]
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